Technology
Thursday, June 13th, 2024 3:55 pm EDT
Key Points
- Datametrex AI Ltd. is launching its newly acquired play-to-earn mobile game, Cereal Crunch, on the Google Play Store and plans to release it on the Apple Play Store soon.
- The company is proposing a non-brokered private placement to raise up to $1.5 million by issuing 75 million units at two cents per unit, with the proceeds used for general working capital.
- Cereal Crunch features a play-to-earn model with in-game purchases and advertisements, and plans to integrate blockchain technology to reward players with cryptocurrency, pending regulatory approval.
Datametrex AI Ltd. is uploading its new play-to-earn game, Cereal Crunch, on the Google Play Store. This follows its previous press release on May 28, 2024, which announced the acquisition of the mobile game Cereal Crunch.
Additionally, the company is proposing a non-brokered private placement financing of up to 75 million units at a price of two cents per unit, aiming to raise aggregate gross proceeds of up to $1.5-million.
Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional share of the company at a price of five cents per share for a period of three years from the date of issuance.
The gross proceeds from the private placement will be utilized for general working capital purposes.
In connection with the private placement, the company may pay finders’ fees amounting to up to 8 per cent in cash and 8 per cent in broker warrants of the total proceeds raised.
The private placement is anticipated to close on or around June 27, 2024, or on other dates as determined by the company.
The completion of the private placement is subject to certain standard conditions, including, but not limited to, the approval of the TSX Venture Exchange.
All securities issued through the private placement will be subject to a hold period of four months and one day in accordance with applicable Canadian securities laws. The private placement will not result in the creation of a new control person of the company.
Introducing Cereal Crunch
Cereal Crunch is a hypercasual puzzle game that utilizes match-3 mechanics and level progression to provide players with an enjoyable mobile gaming experience. Hypercasual games like Cereal Crunch represent a genre where players can casually pick up the game and put it down throughout the day, as the game is simple and mainly consists of completing various objectives through a single game mechanic. In Cereal Crunch, players progress through levels of varying difficulty by tapping groups of matching cereal pieces enough times in a limited number of moves to beat each level. If players run out of moves, they lose that level. Players have a finite number of attempts before they either need to wait for their lives to replenish or purchase lives with in-game currency that they have earned or bought in the store. This purchase of currency represents the game’s primary revenue stream.
Revenue generation and play-to-earn model
Revenue will be generated through coin purchases and advertisements. By integrating blockchain technology, Cereal Crunch ensures secure and transparent transactions, providing players with real-world value for their in-game achievements. The play-to-earn model is designed to reward players with coins and, eventually, Crunch tokens (subject to regulatory approval), adding an extra layer of excitement to the traditional gaming experience.
Crunch token framework
Cereal Crunch contains two in-game currencies (coin and token) similar to many popular games (such as Clash of Clans). What is unique to Cereal Crunch is that one of the currencies will ideally be turned into a cryptocurrency/token that players can withdraw to their blockchain wallets. Alternatively, the company may reward players with another cryptocurrency proportional to the number of Cereal Crunch tokens they have. It is important to note that the Crunch token has yet to be launched and added to the game.
TSX-V undertaking
To get the Crunch token integrated, Datametrex has committed to specific requirements set by the TSX Venture Exchange. The company will only create and issue blockchain-based tokens, including the Crunch token within the Cereal Crunch game, once it has provided the TSX-V with a description of the applicable legal framework, internal controls, processes, plans to ensure regulatory compliance, and a legal opinion confirming that the creation and issuance of the token complies with applicable securities regulations. This will be done to ensure full compliance and secure approval from the TSX-V.
Aligning with market trends
As the play-to-earn model continues to gain traction in the gaming industry, Datametrex is poised to capitalize on this trend with the launch of Cereal Crunch and the future introduction of the Crunch token. The company’s innovative approach aligns with the growing demand for games that offer real-world rewards through blockchain technology.
Future expansion
In addition to the launch on the Google Play Store, Datametrex is planning to release Cereal Crunch on the Apple Play Store in the near future. This will further expand the game’s availability and accessibility to a wider audience.
“We are thrilled to introduce Cereal Crunch to the gaming community,” said Charles Park, chief executive officer of Datametrex. “Our goal is to create a game that not only entertains but also provides players with tangible rewards. We believe that Cereal Crunch will set a new standard in the play-to-earn gaming sector.”
About Datametrex AI Ltd.
Datametrex is an innovative leader in technology solutions, artificial intelligence, health care and mobile gaming. The company excels in delivering tools and solutions that enhance operational efficiencies and business outcomes. With a commitment to innovation, Datametrex is dedicated to supporting enterprises by setting a new standard for business protocols through cutting-edge technology.
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